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Iraq’s oil revenues halved during April
Economy News _ Baghdad
Iraqi oil revenues fell by more than half, in April, compared to the previous month.
The Oil Ministry said in a statement, "Economy News" received a copy of it, that it exported 3.438 million barrels per day in April.
The ministry added that Nissan exports achieved $ 1.423 billion in revenue, at a rate of $ 13,801 per barrel.
Thus, oil exports recorded an increase from 3.390 million barrels per day last March, but revenue fell sharply from 3 billion dollars in March and 5 billion in February, according to the ministry's data.
The sharp decline in revenues is due to the sharp decline in oil prices in global markets due to the "Corona" virus crisis.
And Iraq is the second largest exporter of crude in the "OPEC" after Saudi Arabia, and depends on oil revenues to finance up to 95 of the country's expenditures.
In an attempt to contain the decline in oil prices, the OPEC + coalition began, on Friday, implementing an agreement to reduce production by 9.7 million barrels per day for two months, followed by another agreement to reduce production cuts to 8 million barrels per day until the end of 2020.
A third reduction in production begins by 6 million barrels per day, which is two million barrels less than the previous agreement, from 2021 until April 2022.
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